The global well intervention market is likely to reach US$7.1bn in 2021, with rising number of offshore oil and gas exploration projects across Africa and North America are anticipated to create high demand for offshore well intervention services, according to Fact.MR analysis
In addition, the overall well intervention demand is expected to increase at a CAGR of 7% between 2021 and 2031, surpassing US$14bn by the end of 2031.
Rising demand for oil and gas across the globe, increasing need to revamp and refurbish existing oilfields, and high investments by governments to explore new oilfield reserves are some of the factors driving the well intervention market.
As well intervention is a remedial operation carried out on oil and gas well to increase its production capacity, demand is significantly high in oil and gas sector. Hence, rising focus on improving operational efficiency of wells will continue to accelerate the growth of well intervention market.
Further, adoption of digitalisation and automation in intervention services has made the restoring process of complex wells easy and more effective. In response to this, manufacturers are designing and launching new autonomous well intervention system to maximise production while reducing intervention costs.